Italy’s new government officially took the reins of the eurozone’s third largest economy on Wednesday after a decisive victory in the country’s chamber of deputies gave parliamentary approval to a populist coalition that has alarmed EU officials.
The alliance between the anti-establishment Five Star Movement and the far-right League gained 350 votes in favour, 236 against and 35 abstentions, following senate approval for Prime Minister Giuseppe Conte's government on Tuesday.
Victory in the two houses, considered a given since the government was sworn in by the president on Friday, gives 53-year-old Mr Conte the mandate to carry out a programme for a "government of change".
Mr Conte's first task is to travel to the G7 summit in Canada, where he will make his debut in international politics barely a fortnight after arriving on the domestic scene.
"In the G7, the first thing for Italy will be to make itself known. The second to make sure that it is respected," Mr Conte said on Wednesday.
A lawyer with little political experience, Mr Conte was nominated by the League's Matteo Salvini and Five Star head Luigi Di Maio – both of whom are now his deputy prime ministers.
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Read more:
Italy's populist government prepares to face parliament vote
Salvini in Sicily to push new hard line on migration
Italy's eurosceptics and their currency ideas take centre-stage
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His government’s programme – which combines radical tax cuts with anti-austerity measures like a basic monthly income for the poorest citizens – has left many Italian and international observers perplexed given the country’s huge public debt.
Italy has a €2.3 trillion (Dh10tr) burden which is 132 per cent of its gross domestic product, the highest ratio in the eurozone after Greece.
“We will get through the summer without difficulties, but there will be problems in the autumn if the new government implements just 50 per cent of what it has planned,” head of the European Stability Mechanism (ESM) Klaus Regling said on Wednesday.
Mr Conte did not give details in his policy speeches to the senate and chamber on how pledges that could cost billions of euros will be financed.
Meanwhile, he also reiterated his government’s desire to introduce income tax bands of 15 and 20 per cent but gave no date as to when they would be implemented.
The programme was criticised in the chamber's pre-vote debate by the League's right-wing campaign allies Forza Italia and Brothers of Italy, and in particular by the centre-left Democratic Party (PD).
All three parties wondered where the funding coverage was for the government’s ambitious ideas, scoffing at its plans to reduce the debt with economic growth, while the PD’s chief whip, Graziano Delrio, also criticised Five Star for the programme’s hard line on immigration.
In the senate on Tuesday, Mr Conte called for "obligatory" redistribution of asylum seekers around the EU, and the coalition's promises to curb migrant arrivals and speed up expulsions of illegal immigrants mirror the promises of Mr Salvini's nationalist League.
On Wednesday, Interior Minister Salvini went a step further saying that he wanted to open more detention centres for the repatriation of migrants so they “aren’t strolling about our cities”.
Mr Conte’s promise to promote a review of sanctions against Russia also echo Mr Salvini’s insistence on a softening of relations with the country and its president, Vladimir Putin.
Mr Salvini has wasted no time creating controversy since being sworn in on Friday, saying at the weekend that Italy “cannot be Europe’s refugee camp” on a visit to Sicily, one of the country’s main refugee landing points.
He also caused a diplomatic incident with Tunisia after accusing the North African country of exporting “convicts”, leading to Tunisia expressing “deep surprise” in light of the two countries’ “cooperation in the fight against illegal immigration”.
Mr Salvini capped off an eventful few days by getting into a spat with Italian international footballer Mario Balotelli.
In an interview, Balotelli – whose parents are Ghanaian immigrants – lamented that he was not granted Italian citizenship until the age of 18 despite being born and raised in Italy.
“I’m not a politician, but I think the law should change,” he said on Tuesday.
Taking to Twitter, the new interior minister wrote: “Dear Mario, ‘Ius Soli’ (birthright citizenship) is not my priority, nor the priority of the Italians. Regards, and have fun chasing the ball.
Brief scores:
Liverpool 3
Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
RESULTS
6pm: Mazrat Al Ruwayah – Group 2 (PA) $40,000 (Dirt) 1,600m
Winner: AF Alajaj, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
6.35pm: Race of Future – Handicap (TB) $80,000 (Turf) 2,410m
Winner: Global Storm, William Buick, Charlie Appleby
7.10pm: UAE 2000 Guineas – Group 3 (TB) $150,000 (D) 1,600m
Winner: Azure Coast, Antonio Fresu, Pavel Vashchenko
7.45pm: Business Bay Challenge – Listed (TB) $100,000 (T) 1,400m
Winner: Storm Damage, Patrick Cosgrave, Saeed bin Suroor
20.20pm: Curlin Stakes – Listed (TB) $100,000 (D) 2,000m
Winner: Appreciated, Fernando Jara, Doug O’Neill
8.55pm: Singspiel Stakes – Group 2 (TB) $180,000 (T) 1,800m
Winner: Lord Glitters, Daniel Tudhope, David O'Meara
9.30pm: Al Shindagha Sprint – Group 3 (TB) $150,000 (D) 1,200m
Winner: Meraas, Antonio Fresu, Musabah Al Muhairi
